Service Retirement Guide 2020

2021 Service Retirement Guide

School Employees Retirement System of Ohio Serving the People Who Serve Our Schools? 800-878-5853 |

Table of Contents

Contact Information

Address, Telephone Numbers, and Website. . . . . . . . . . . . . . . . . . . . . . . . . 1 Directions to SERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Holidays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Introduction

Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

When Should I Retire?

Eligibility for Retirement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Service Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Additional Service Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Purchasable Service Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Calculating Your Own Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Choosing the Retirement Plan that is Best for You. . . . . . . . . . . . . . . . . . . 11 Plan of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Does My Public Employment

Affect My Social Security?

Social Security and SERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 The Government Pension Offset. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 The Windfall Elimination Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

What is the Retirement Application Process?

The Application Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 After SERS Receives Your Retirement Application. . . . . . . . . . . . . . . . . . . 23

What Will Affect My Payment Once I'm Retired?

About Your Pension Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Cost-of-Living Adjustment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Power of Attorney and Guardianship. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Changing Your Beneficiary or Plan of Payment After Retirement. . . . . . . . 29 Reemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Divorce or Support Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Death Benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

School Employees Retirement System of Ohio

300 E. Broad St., Suite 100, Columbus, Ohio 43215-3746

?

614-222-5853 | Toll-free 800-878-5853 |

Revised 9/2020

CONTACT INFORMATION

Address, Telephone Numbers, and Website

SERS' office location:

300 E. Broad St.

Columbus, Ohio

Parking garage:

Free parking is available in SERS' parking garage located on Grant Avenue, north of Broad Street

Mailing address:

300 E. Broad St. Suite 100 Columbus, Ohio 43215-3746

Office Hours:

8 a.m. to 4:30 p.m.

Telephone numbers:

1-800-878-5853 (toll-free) 1-614-222-5853 (local)

Website:



5th Street Grant Ave.

Directions to SERS

From the north: Take I-71 South to the Broad Street exit #108B and turn right on Broad Street. Turn right on Grant Avenue, and left at the 300 E. Broad parking garage entrance.

From the south: Take I-71 North to I-70 East to the Fourth Street /Livingston Avenue exit #100B onto Fourth Street. Turn right on Town Street, then left on Grant Avenue. Cross Broad Street. The SERS parking garage entrance is half a block up Grant Avenue on the left.

From the west: Take I-70 East to the Fourth Street / Livingston Avenue exit #100B. Turn left onto Fourth Street. Turn right on Town Street, then left on Grant Avenue. Cross Broad Street. The SERS parking garage entrance is half a block up Grant Avenue on the left.

From the east: Take I-70 West to I-71 North. Take the Broad Street exit #108B and turn left on Broad Street. Turn right on Grant Avenue, and then left into the 300 E. Broad parking garage.

Gay Street

PARKING GARAGE

eSERS

Broad Street

Town Street

Holidays

The SERS office is closed to observe the following holidays: New Year's Day, Martin Luther King, Jr. Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, the day after Thanksgiving, and Christmas Day. If New Year's Day or Christmas Day occurs on a Saturday, then the office is closed on the previous Friday. If the holiday occurs on a Sunday, then the office is closed on the following Monday. Please visit the SERS website for the actual days the office is closed.



SERS Member Health Care Guide | SPaegrvein1g|thReevP. e4o/2p0le19Who Serve Our Schools?

1

INTRODUCTION

This guide is intended to help you learn about your pension and help you apply for your retirement.

We encourage you to set up an online account using the Account Login feature. It provides the ability to:

review your account balance and service credit

update your personal information, such as address and beneficiary

create estimates

apply for retirement

To begin the registration process, call SERS toll-free at 800-878-5853, from 8:00 a.m. to 4:30 p.m., Monday through Friday. For assistance on how to set up your online account with step-by-step instructions, access the Account Login: Step-by-Step handout on our website at .

We offer several educational opportunities for you to learn about your retirement. You may want to consider attending a SERS Retirement Conference or Retiring with SERS webinar. Both are geared toward members who are currently eligible or will be eligible for retirement within two years. There are also several videos on our website that you may find beneficial. These videos, as well as the conference and webinar dates and locations, are available on the SERS website at .

SERS offers personal retirement counseling at the Retirement System's office Monday through Friday, 8:15 a.m. to 2:45 p.m. Appointments can be scheduled by calling SERS toll-free at 800-878-5853. Free parking is available at SERS. Directions to SERS are on page 1.

The information in this guide is current as of its publication date. Please be aware that eligibility requirements, pension formulas, and cost-of-living adjustments may change over time. In addition, the SERS Retirement Board can change health care coverage at any time.

1 Register for your SERS Account Login. 2 Attend a Retirement Conference. 3 Schedule an appointment with a

SERS counselor.

4 Choose an effective retirement date. 5 Notify your employer of your

retirement plans.

6 If you are on your employer's health care plan, find out when your coverage ends.

7 Complete your Service Retirement Application.

MONTHS 12 months before your

12 retirement date

MONTHS 6 months before your

6 retirement date

MONTHS

3-6

3-6 months before your retirement date All districts are different and your severance could be affected, talk to your district

DAYS 90 days before your

90 retirement date

2

Service Retirement Guide

800-878-5853

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